ELN TV

A $1 billion (£0.7bn) fund created by oil and gas majors to fight climate change has announced its first three investments.

The Oil and Gas Climate Initiative (OGCI) is made up of 10 firms including BP, CNPC, Shell, Statoil and Total.

Its investment arm, OGCI Climate Investments, is supporting US firm Solidia Technologies to make cement with carbon dioxide instead of water, potentially lowering emissions by 70% and water use by 80%.

Another US-based company Achates Power, which develops vehicle engines that produce fewer greenhouse gas emissions, is receiving funding to roll out its technology worldwide.

The fund is partnering with UN Environment and the Environmental Defense Fund to provide financial and technical backing for the “world’s first” global methane study to fill gaps in the identification and quantification of global methane emissions.

It will also work with Imperial College London on research that aims to provide a “more accurate picture” of greenhouse gas emissions across the natural gas value chain, from wells to distribution.

Erik Solheim, Executive Director of UN Environment said: “Oil and gas industry leaders have a critical role to play in our efforts to take on climate change and limit the global temperature rise. We are counting on groups such as OGCI to support the needed shift in the way we produce and consume energy.

“Partnerships like this are extremely important. They’re not only about financial support but concrete action – because this is how success will be measured.”